Informa has renegotiated the annual management charge (AMC) on its group personal pension (GPP), and is introducing a pensions governance committee and financial education sessions in the run-up to auto-enrolment.
The changes follow a market review the publishing and events firm conducted with its pension provider, Friends Life, to ensure it is prepared for auto-enrolment.
Thomas Humphris, head office HR and UK reward director at Informa, said: “We wanted to make sure the pension provider we were going to set ourselves up with on a long-term basis would have the product offerings and the range of funds available that are competitive in the market. We also wanted to make sure its platform was advanced enough for us to have that comfort when auto-enrolment begins.”
Informa’s pensions governance committee will comprise Humphris, representatives from the finance department and Friends Life respectively, plus one or two staff representatives. It will meet each quarter to review the performance of the default fund, and look at ways to enhance the pensions provision.
It will also provide staff with regular pensions communications. This will tie in with its financial education seminars, which it will roll out in June and will be provided by the Money Advice Service. “I feel we have an obligation as an employer to take control of communications,” said Humphris.
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